USU-Intro To MacroEcon - Assignment 2

USU-Intro To MacroEcon - Assignment 2 - Assignment 2...

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Assignment 2 Question 1 (1 point) Consumer sovereignty refers to 1. the idea that the desires of both producers and the government ultimately decide what is produced. 2. the idea that consumers try to maximize their expenditures. 3. the idea that consumers ultimately determine what is produced. 4. a situation in which the government decides what is produced. 5. the fact that consumers' choices are limited to what the producers decide to produce. Question 2 (1 point) Competitive firms produce in the manner that _________ costs and __________ profits. 1. maximizes, minimizes 2. maximizes, maximizes 3. minimizes, minimizes 4. minimizes, maximizes 5. eliminates, maximizes Question 3 (1 point) In economics, the invisible hand is not 1. the self-interest that drives firms to provide what consumers want to buy. 2. government intervention in the economy. 3. what leads consumers to use their limited incomes to buy the goods and services that give them the most satisfaction. 4. a term attributed to Adam Smith. 5. what induces resource owners to supply resource services where they are most highly valued. Question 4 (1 point) When economists refer to the public sector, they refer to 1. the firms. 2. the public universities. 3. the political parties. 4. the government. 5. the households. Question 5 (1 point) Spending by which sector is the largest component of spending in the economy? 1. Sole proprietors 2. Investors 3. Firms
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4. Government 5. Households Question 6 (1 point) The three basic types of businesses in the United States are 1. enterprises, partnerships, and corporations.
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USU-Intro To MacroEcon - Assignment 2 - Assignment 2...

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